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Americas Productivity Climbs But Wages Stagnate

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Americas Productivity Climbs But Wages Stagnate

Postby skynet » Sun Jan 13, 2013 10:43 am

Why is it that if there's any news at all, it's probably going to be bad? It's obviously a very dark and depressing future we are headed for because there's always more information that shows it. It may take a while before it starts getting really bad but the path has been decided upon and set. The underlying mindless greed and coldheartedness that has infested the human world is going to create a kind of future where we should be kicking and screaming as we are being sent into it. If we keep headed in this direction, we will all get to experience some of the darkest times we have ever known...and I'm pretty sure things will keep on going just as they have been one seems to care, and those that do are so few or already trying to keep their heads above water. Ultimately, even if someone is ultra rich they will probably not be able to avoid what's coming. Some people may believe they are untouchable for whatever reason, but the fallout will most likely be all encompassing. The funny thing is that I keep hearing more and more people saying that humans have basically started "going mad" and it's probably just a matter of time before they lose control of everything and wipe themselves and most everything out. Well, it's definitely caused by something in the mind, and not by money as a lot of people might say. Money is not particularly a great idea but it's just a sideshow fiction to the main event.


FEDERAL income tax rates will rise for the wealthiest Americans, and certain tax loopholes might get closed this year. But these developments, and whatever else happens in Washington in the coming debt-ceiling debate, are unlikely to do much to alter one major factor contributing to income inequality: stagnant wages. For millions of workers, wages have flatlined. Take Caterpillar, long a symbol of American industry: while it reported record profits last year, it insisted on a six-year wage freeze for many of its blue-collar workers.

Wages have fallen to a record low as a share of America’s gross domestic product. Until 1975, wages nearly always accounted for more than 50 percent of the nation’s G.D.P., but last year wages fell to a record low of 43.5 percent. Since 2001, when the wage share was 49 percent, there has been a steep slide.

"We went almost a century where the labor share was pretty stable and we shared prosperity," says Lawrence Katz, a labor economist at Harvard. "What we’re seeing now is very disquieting." For the great bulk of workers, labor’s shrinking share is even worse than the statistics show, when one considers that a sizable — and growing — chunk of overall wages goes to the top 1 percent: senior corporate executives, Wall Street professionals, Hollywood stars, pop singers and professional athletes. The share of wages going to the top 1 percent climbed to 12.9 percent in 2010, from 7.3 percent in 1979.

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